Bank MD gifts 9 lakh shares worth Rs 3.95 cr to staff members to purchase house
Vaidyanathan had also transferred one lakh shares worth around Rs 30 lakh to his former school teacher Gurdial Saroop Saini as a token of gratitude.
Mumbai, Feb. 22: In what can be termed as an act of generosity, IDFC FIRST Bank MD and CEO V. Vaidyanathan granted 9 lakh shares of the financial institution held via him, well worth over Rs 3.95 crore, to 5 individuals, together with his trainer, house help and driver, to assist them buy homes.
None of the beneficiaries are in any case related to the Bank MD. And this is now not the first time Vaidyanathan has done such generosity. In September 2021, Vaidyanathan transferred one lakh fairness shares worth about Rs 30 lakh to his former college instructor Gurdial Saroop Saini as a token of gratitude.
“V. Vaidyanathan, managing director and Chief Executive Officer, has sanctioned 9,00,000 preference shares of IDFC FIRST Bank held through him on February 21, 2022,” the financial institution stated in a regulatory submitting on Monday.
Vaidyanathan has donated three lakh shares to his coach Ramesh Raju, two lakh shares every to house maid Pranjal Nerlekar and driver Alagarsamy C Munapar and 1 lakh shares every to workplace help workforce Deepak Pathare and house help Santosh Jogale, according to agency reports.
It was pronounced that as of Monday, the cost of 9 lakh shares proficient by means of Vaidyanathan comes out to be Rs 3,95,10,000. In addition, the financial institution stated Rukmani Social Welfare Trust has disposed of two lakh fairness shares to guide social activities.
“Thus, whole shares disposed for items and social things to do is eleven lakh fairness shares of IDFC FIRST Bank, and it is submitted as section of these disclosures, that there are no direct or oblique advantages derived by way of V Vaidyanathan from these transactions,” it added.
Though such instances might also be uncommon, acts of such generosity are no longer all that new. Some weeks ago, a man in Kerala named CR Anish was had donated Mercedes Benz by his Boss AK Shaji in admiration of the employee’s loyalty. We hope many extra such examples be set in future.
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